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– Nelson Mandela

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What is Economics

What is Economics

Q Think about what you thought the answer to the question "What is Economics?" was before you started this course and module. Now read the brief article What is Economics? from the American Economic Association and watch the video at the end of it where economists describe misperceptions that they have encountered about what economics is. Reflecting on the article and video, and the readings in the module, describe what you thought economics was before you started the course and if that perception has changed.

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The study of economics is concerned with making of right choices amidst the different choices that we make in our everyday lives. Many people think that economics is all about money but actually it is not. It is rather concerned with making different choices or alternatives. Some of these choices do involve money while some of them do not at all. The main goal of economics remain in terms of determining well the most effective use of the resources in order to meet the social as well as private goods. Economics has two branches- microeconomics and macroeconomics ("What is economics?", 2022).